Silver Price Analysis: Rally Stalls At 20-Day SMA, Bulls Lose Steam

Silver price (XAG/USD) fails to gain traction, consolidates around $75.00 on Wednesday as US Treasury yields pared losses, while the white metal failed to surpass key resistance at the 20-day SMA at $76.90. At the time of writing, XAG/USD trades at $75.07, virtually unchanged.

XAG/USD Price Analysis: Technical Outlook

The white metal bias remains tilted to the upside, but failure to clear the 20-day SMA has exacerbated a move towards $75.00, casting doubt on the March 31 breakout. Worth noting that the Relative Strength Index (RSI) turned flattish at bearish territory, an indication that buyers are losing strength.

For a bullish resumption, XAG/USD needs to surpass the 20-day SMA. Further upside is seen past the $77.00 figure, with the next area of interest being the $80.00 milestone. Key resistance lies overhead at the 50-day SMA at $83.62.

Conversely, a drop below the 100-day SMA at $74.43 and sellers will face support at $70.00 ahead of the March 26 swing low of $66.72.